The Minister of State for Industry, Senator John Owan-Enoh has asserted that the proposed tax reform bills are critical for the positive transformation of Nigeria’s economy.
Owan-Enoh made these comments during a press interaction in his hometown of Etung, Cross River State. He praised President Bola Tinubu for the proposed bills, emphasizing that they would significantly benefit the industrial sector.
The minister reminded citizens of the President’s goal for a $1 trillion economy, indicating that tax reform is essential for realizing this ambition.
“The tax reform bill is designed to act as a catalyst for change in various sectors of the country. Remember, the president has committed to achieving a $1 trillion economy, and this tax reform bill is integral to that goal.”
He noted that many Nigerians initially opposed the bills without fully understanding their provisions, which led to calls for their retraction. However, he expressed satisfaction that those who initially requested a withdrawal eventually grasped the importance of the reform and came to support the measures.
“The industrial subsector stands to gain the most from this bill. I urge all Nigerians to back it in order to facilitate the transformation and reform it promises.”
During his conversation with journalists, he acknowledged the current economic difficulties while outlining the government’s long-term recovery strategy.
He highlighted the significant financial and structural issues inherited by the administration, including the previous government’s excessive printing of ₦30 trillion, which he said severely harmed the economy. Combined with global economic challenges, these factors have rendered Nigeria vulnerable, he averred.
Nonetheless, Senator Enoh expressed optimism regarding the president’s ambitious economic reforms, particularly the tax reform bill, which he believes will serve as a crucial driver for industrial development and economic change, essential for fulfilling the president’s vision of a $1 trillion economy.
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